Edition · Wed 28 Oct 2026
Industries Desk
Dubai Builds Through the War: DIFC Breaks Ground on Dh5.1 Billion Water Gardens
Construction starts on a $1.4 billion mixed-use scheme as DIFC passes 10,018 registered firms; Dubai also approves a Dh2 billion plan for 48 urban centres.
Chanan Zevin - Chief Editor and Head of Desks
Published
H&H breaks ground on Gate District towers
Construction has begun on Water Gardens, a $1.4 billion or Dh5.14 billion mixed-use destination in the Dubai International Financial Centre due for completion in 2028. The scheme, led by H&H Development, encompasses four buildings designed to include two hotels, residential units, and office spaces within the financial hub.
H&H breaks ground on Gate District towers
30,000 boots were already on site as work continued despite the regional crisis, which has affected property transactions and construction costs. Saleh Al Akrabi, Chief Real Estate Officer at DIFC Investments, described the scheme as a superb addition that strengthens links between workplaces, hospitality, retail, public spaces, and residences as one of the final components of the original Gate District masterplan.
H&H breaks ground on Gate District towers
The development sits above street level with arrival stairs from Al Sukook Street and Al Mustaqbal Street, connecting underneath directly to Gate Avenue. For commercial tenants, The Offices at Water Gardens will provide 21,965 square metres, or 236,430 square feet, of Grade A net leasable area across a 12-storey tower that includes micro-suites across three floors alongside larger formats and a members' club, according to H&H chief executive Miltos Bossinis.
Commercial leasing expands past 10,000 tenants
The launch followed record tenant growth at the financial hub, which crossed 10,000 registered companies for the first time to reach 10,018 by June 30. That figure compared with 8,844 active firms recorded in 2025, while the centre's artificial intelligence, fintech, and innovation community grew from 1,677 to 1,933 companies after DIFC employed 50,200 professionals in 2025.
Commercial leasing expands past 10,000 tenants
This expansion matters for regional capital flows and commercial property markets because institutional leasing commitments anchor long-term liquidity during periods of geopolitical uncertainty. The financial centre has supported trade and investment for more than 22 years across 77 countries that represent 3.8 billion people and $11.2 trillion in economic output, providing commercial developers with steady multinational tenant demand.
Commercial leasing expands past 10,000 tenants
Strong demand has extended into the project's residential portfolio, with about 85 per cent of the branded residences already sold at prices above Dh8,000 per square foot. H&H Development sold two Four Seasons-branded homes last week for Dh35 million and Dh45 million respectively, while chairman Shahab Lutfi confirmed that most of the overall development will be leased and operated, keeping the 132-apartment Eden House as a rental-income asset alongside a second hotel comprising 154 rooms and 40 residences.
Dubai approves municipal plan amid geopolitical strain
The emirate expanded its broader municipal footprint alongside the financial district as Dubai approved a development plan covering 48 urban centres with a budget exceeding Dh2 billion. The initiative is projected to increase property values across targeted zones by Dh20 billion by 2040, while upgrading public services and improving connectivity to metro stations.
Dubai approves municipal plan amid geopolitical strain
Construction commitments continued even as diplomatic and security challenges mounted across the wider region. The Trump administration warned Gulf countries to prepare for a potential renewed United States military campaign against Iran following the November 3 midterm elections, while President Donald Trump weighed a short but intense wave of strikes without reaching a final decision.
Dubai approves municipal plan amid geopolitical strain
Cross-border tensions also prompted regional diplomacy after Jordan and Syria agreed to establish a joint security committee to examine Jordanian air strikes in southern Syria that killed at least seven people. Meanwhile, DIFC recorded an influx of 775 firms during a first-quarter surge and delivered 600,000 square feet of offices ahead of schedule, helping Dubai secure seventh place in the Global Financial Centres Index.